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Yesterday we wrote about Bankia, the Spanish bank that was subject to reports of $1.3 billion in deposit flights.Anyway, at one point it was down over 20%, before ending down about 10%.
Well today the mood is different. And the stock… is up over 26%!
That’s redolent of a lot of European banks, which are all booming today.
The amount of optionality in the sector is huge right now. They’re all trading at such distressed levels that just the slightest bit of positive vibes (the sense that maybe the world isn’t going to collapse) sends them all moon-bound. Then of course the next day they collapse again.
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